IRVINE, Calif., May 11, 2011 /PRNewswire/ -- TNP Strategic Retail Trust, Inc. (the "Company"), a publicly registered non-traded REIT that invests in grocery and drug-store anchored, multitenant necessity retail properties, announced today that its board of directors authorized the Company to pursue the acquisition of Pinehurst Square East in Bismarck, North Dakota.
Pinehurst Square East is a 114,292 square foot multitenant retail center built in 2005 and located in Bismarck, the state capital of North Dakota, and the second largest city in the state after Fargo. As a hub of manufacturing, retail trade, government services, and health care, Bismarck is the economic center of North Dakota. The center is located at the northeast quadrant of Interstate 94 and Tyler Parkway, which benefits from a full interchange with I-94.
The property is more than 90 percent leased. Major tenants include T.J. Maxx®, Old Navy® and Shoe Carnival. Tenants have staggered lease expirations that range from 2011 to 2017.
"Pinehurst Square East was acquired based on the region's vibrant growing economy. North Dakota has among the lowest unemployment rates in the nation. The growth in natural resource exploration continues to drive overall growth in the region," said Thompson National Properties' senior vice president, acquisitions, Steve Corea. "In addition, SRT is acquiring the property at a significant discount from replacement cost. The property has experienced strong occupancy of over 90% for the past 3 years."
The acquisition is subject to various conditions to closing.
About TNP Strategic Retail Trust, Inc.
TNP Strategic Retail Trust, Inc. is a publicly registered non-traded REIT that invests in grocery and drug-store anchored, multitenant necessity retail properties, located primarily in the Western United States, and real estate related assets, including investment in or origination of mortgage, mezzanine, bridge and other loans related to commercial real estate. As of May 5, 2011, TNP Strategic Retail Trust has issued 2,999,000 shares of common stock. The Company currently pays a monthly distribution that equates to an annual 7 percent distribution. For more information regarding TNP Strategic Retail Trust, please visit www.tnpsrt.com.
About Thompson National Properties, LLC
Thompson National Properties, LLC (TNP) is an international real estate advisory company, specializing in the creation and management of real estate investment funds. TNP uses a variety of investment structures to fit the needs of its investors, which are designed for both institutional and high net worth individual investors. Thompson National Properties is also a leader in both property and asset management and receivership services, a key element in any successful commercial real estate investment in today's lender-driven marketplace.
Headquartered in Irvine, California, Thompson National Properties was founded in April 2008 and has seven regional offices. As of May 10, 2011, Thompson National Properties manages a portfolio of 150 commercial properties, in 30 states, totaling more than 19.8 million square feet, on behalf of over 4,000 investor/owners with an overall purchase value of $2.5 billion. TNP has expanded its operations to the Middle East to provide valuation and advisory services on over 2.3 million square feet of real estate in Saudi Arabia. For more information regarding Thompson National Properties, please visit www.tnpre.com.
This press release contains forward-looking statements within the meaning of federal securities laws and regulations. These forward-looking statements are identified by their use of terms and phrases such as "anticipate," "believe," "continue," "could," "estimate," "expect," "intend," "may," "plan," "predict," "project," "should," "will" and other similar terms and phrases, including references to assumptions and forecasts of future results. Forward-looking statements are not guarantees of future performance and involve known and unknown risks, uncertainties and other factors that may cause the actual results to differ materially from those anticipated at the time the forward-looking statements are made. These risks include, but are not limited to: our ability to satisfy the necessary conditions to close the Pinehurst Square East acquisition, including obtaining funding; volatility in the debt or equity markets affecting the Company's ability to acquire or sell real estate assets; national and local economic and business conditions; the Company's ability to maintain sufficient liquidity and access capital markets; the performance of real estate assets after they are acquired; and other risks and uncertainties associated with our business described in the Company's filings with the Securities and Exchange Commission. Although the Company believes the expectations reflected in such forward-looking statements are based upon reasonable assumptions, it can give no assurance that the expectations will be attained or that any deviation will not be material. The Company undertakes no obligation to update any forward-looking statement contained herein to conform the statement to actual results or changes in the Company's expectations. This release should be read in conjunction with the consolidated financial statements and notes thereto included in the Company's most recent reports on Form 10-K. Copies of these reports are available on our website and at www.sec.gov.
This press release shall not constitute an offer to sell or the solicitation of an offer to buy securities.
SOURCE TNP Strategic Retail Trust, Inc.